In its quest to regularise the supply and distribution of petroleum products across the country, the Petroleum Products Pricing Regulatory Agency (PPPRA), has, with the approval of the Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, released the Second Quarter allocations for the supply of Premium Motor Spirit (PMS).
In the latest release, the apex national oil company, the Nigerian National Petroleum Corporation (NNPC), has 41.73% of the total allocation, while the rest of the oil Marketing Companies got a total allocation of 58.27%.
According to the Ag. Executive Secretary of PPPRA, Mrs. Sotonye E. Iyoyo, ‘the Agency is retaining the retail prices of N86.00 for the NNPC, and N86.50 for the other Marketing companies.
Its head of Corporate Services, Lanre Oladele, broke the news in a statement on Saturday.
The pump price of Household Kerosene (HHK), “also remains unchanged from what it was in the last quarter. Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets’.
She further added that ‘PPPRA shall continue to monitor the global oil market performances, and come up, at appropriate time, with reasonable changes consistent with the newly adopted price modulation principles.
“The PPPRA Acting Executive Secretary therefore, appealed to all Depot owners to strictly adhere to the prevailing truck-out policy put in place by the Agency, to ensure that petroleum products get to their designated retail outlets across the country. She also warned that adequate sanctions awaits any depot-owner found to be hoarding products.
“On the news making the rounds that the Agency is planning to increase the pump-price, the Ag. Executive Secretary, urged members of the public to ignore such rumour, as prevailing market indicators do not support such. In her words, ‘PPPRA is resolutely committed to the sustenance of its reform initiatives, in order to further guarantee adequate supply of products nationwide.
“We therefore assure Nigerians of our total commitment to service delivery, in the quest to delivering on our mandate to the people of Nigeria.’ She also called on motorists to desist from panic-buying, as PPPRA is working hard with other sister-organizations to ensure that the current supply and distribution challenges are resolved within the coming days.”
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